In an effort to combat illicit activities such as money laundering and terrorist funding, the Financial Crimes Enforcement Network (FinCEN), under the authority of the Corporate Transparency Act (CTA), will require businesses to report beneficial ownership information (BOI) starting in 2024. On this episode of Paychex THRIVE, a Business Podcast, host Gene Marks speaks with Stephen Dombroski, a Senior Payroll Tax Manager in Compliance for Paychex, on compliance requirements, potential penalties for non-compliance, and what information is being requested, and the covered businesses expected to report under the CTA.
Topics Include:
00:00 – Welcome, Stephen Dombroski
00:29 – Introduction to Dombroski.
01:27 – What is the Corporate Transparency Act
03:10 – Which businesses does the act apply to
04:06 – What businesses are exempt from BOI reporting
06:17 – Resources to help with compliance
07:35 – What information has to be reported?
10:06 – Explanation of beneficial ownership
10:52 – Security of information being reported
11:49 – Deadlines for BOI reporting
15:26 – Penalties for non-compliance
21:34 – How Paychex can assist in reporting
22:29 – Wrap-up
Learn more about beneficial ownership information reporting at https://www.paychex.com/articles/compliance/beneficial-ownership-information-reporting.
DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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